News

IMF Raises Nigeria’s 2023 Economic Growth Forecast To 2.7%

Published

4 years ago

January 26, 2022

The International Monetary Fund (IMF) has raised its forecast for Nigeria’s Gross Domestic Product (GDP), growth in 2023 to 2.7per cent.
The new forecast was contained in the IMF’s January World Economic Outlook (WEO), report released, yesterday.
The new forecast represents 0.1percentage points above the 2.6percent projected by the Fund October, last year.
The IMF also affirmed its 2.7per cent growth forecast for Nigeria this year (2022) earlier projected in the October WEO report.
However, the IMF forecasts contradict the World Bank’s forecasts of 2.5per cent and 2.8per cent Gross Domestic Product (GDP), growth for Nigeria’s economy in 2022 and 2023 respectively.
The World Bank forecasts were contained in its Global Economic Prospects report released two weeks ago.
However, the IMF in its January WEO report, downgraded its GDP growth forecast for Sub Saharan Africa to 3.7per cent and 4.0per cent for 2022 and 2023, respectively.
This represents 0.1percentage points lower than the 3.6per cent and 3.9per cent forecast made in its October 2021 WEO report.
Similarly, the IMF reduced its forecast for global economic growth to 4. per cent in 2023, representing 0.5percentage points lower than the 4.9per cent projected in the October World Economic Outlook (WEO).
Attributing the downgrade to the expected impact of restrictions to curb the Omicron variant of COVID-19, the IMF in the January WEO titled, “Rising Caseloads, a Disrupted Recovery, and Higher Inflation,” stated: “The baseline incorporates anticipated effects of mobility restrictions, border closures, and health impacts from the spread of the Omicron variant.
“These vary by country depending on the susceptibility of the population, the severity of mobility restrictions, the expected impact of infections on labour supply, and the importance of contact-intensive sectors. These impediments are expected to weigh on growth in the first quarter of 2022.
“The negative impact is expected to fade starting in the second quarter, assuming that the global surge in Omicron infections abates and the virus does not mutate into new variants that require further mobility restrictions.”
Meanwhile, the IMF has called on the Central Bank of Nigeria (CBN), and its peers in emerging and developing countries to adopt a tight monetary policy to curb rising inflation and stem outflow of foreign investment in response to the adoption of tight monetary policy in advanced countries.
The IMF said: “Less accommodative monetary policy in advanced economies will pose challenges for central banks and governments in emerging market and developing economies. Higher returns elsewhere will incentivize capital to flow overseas, putting downward pressure on emerging markets and developing economy currencies and raising inflation.
“Without commensurate tightening, this will increase the burden on foreign-currency borrowers, both public and private. But the tighter policy also brings costs at home, as domestic borrowers will find credit harder to come by. Overall, tighter policies will likely be appropriate in many emerging market and developing economies to stave off the threat of persistently higher inflation.
“Moreover, emerging markets are generally more resilient, with higher reserves and better current account balances than in the previous tightening cycle—including during the 2013 taper tantrum.
“But financial vulnerabilities remain, and many countries have higher public and private debt. Debt service burdens could therefore rise significantly with higher interest rates.
“Countries with stronger fiscal positions and clearer policy frameworks will be better placed to manage tighter global financial conditions.
“More generally, emerging market borrowers should extend debt maturities where feasible, while containing a further build-up of currency mismatches. Exchange rate flexibility can also help absorb shocks.
“But in economies with market distortions or balance sheet vulnerabilities limiting market access, the impact of capital flow reversals can imperil financial stability. In those economies, foreign exchange intervention may be needed to smooth disorderly market conditions and temporary capital flow management measures may be warranted—but should not substitute for needed macroeconomic policy adjustment.”

News

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

2 days ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

2 days ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

2 days ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor